Fundstrat analyst: The crypto market may experience a significant decline in the first half of next year, with Bitcoin potentially falling to $60,000-$65,000.

According to Odaily Odaily, Sean Farrell, Head of Crypto Strategy at Fundstrat, Tom Lee's fund, stated in the "2026 Crypto Outlook" report, "While I believe Bitcoin and the overall crypto market still have strong long-term upside potential, and liquidity-driven support is expected to emerge in 2026, there may still be some risks to digest in the first/second quarter of 2026. These risks may present more attractive entry points. My baseline assessment is that there will be a significant drop in the first half of 2026, with Bitcoin potentially falling to $60,000–$65,000, Ethereum to $1,800–$2,000, and SOL to $50–$75. These price levels will provide good opportunities for positioning before the end of the year. If this assessment proves wrong, I still prefer to maintain a defensive stance and wait for confirmation signals of a strengthening trend. The year-end target for Bitcoin is approximately $115,000, and the year-end target for Ethereum may reach $4,500. Within this framework, ETH..." Ethereum's relative strength will become even more pronounced. I believe this is reasonable because Ethereum possesses more favorable structural liquidity characteristics, including: the absence of miner selling pressure, immunity to MSTR-related factors, and relatively lower concerns about quantum risk.